ATLANTA— Kronos Hotels, LLC, an investment group based here, has agreed to acquire 17 hotels with more than 3,200 rooms and an asset value of more than $150 million. The deal is scheduled to close during the first week of May. The transaction includes a 275-room Crowne Plaza in Cedar Rapids, IA; a 393-room Clarion Inn next to the convention center in Louisville, KY, which will be immediately converted to a Crowne Plaza; and 10 Holiday Inns located in six states, including Georgia, Florida, South Carolina, Alabama, Michigan and Pennsylvania. It is expected to be the first in a series of acquisitions designed to rapidly position Kronos as a major hotel owner and operator in the U.S. and worldwide, according to the company. The company’s CEO is Charles Morais, who owns and operates 14 hotels along the East coast, including the 183-room Crowne Plaza near JFK International Airport in New York. The company has hired a group of hotel veterans to handle day-to-day management of the newly acquired hotels. Carl Newberry will serve as COO and CFO. He has more than 30 years experience as CFO and treasurer with Days Inn. Phil Riley will serve as vp, operations and has more than 25 years experience in ownership or management of about 250 hotels and resorts. In addition, Tim McDonnell, Vini Gupta and Taghi Nourollahi have been named regional vice presidents for Kronos.
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